A. Justification for: TreasuryDirect: an electronic process for selling/issuing, servicing, and making payments on or redeeming U.S. securities
Explain the circumstances that make the collection of information necessary. Identify any legal or administrative requirements that necessitate the collection.
Chapter 31 of Title 31 of the United States Code authorizes the Secretary of the Treasury to prescribe the terms and conditions, including the form of issue, of United States Treasury certificates of indebtedness.
Indicate how, by whom, and for what purpose the information is to be used. The information is used by the Department of the Treasury, Bureau of the Public Debt to establish new TreasuryDirect accounts and process any associated transactions.
Describe whether, and to what extent, the collection of information involves the use of automated, electronic, mechanical, or other technological collection techniques or other forms of information technology. What consideration is given to use information technology to reduce burden?
The primary method of collection is an online system that removes the burden of processing requests submitted on paper forms. The collection of the information is conducted one time for numerous purchases removing the requirement to submit the same data each transaction. The customer has access for viewing the status and number of any given security on-line at their convenience eliminating the processing of paper inquiries. The greatest advantage of this change is a direct relationship with our customers while promoting their self-reliance for account maintenance. TreasuryDirect provides a one-stop shopping experience for our customers where they can buy and manage their savings bonds, T-bills, notes and bonds totally online.
To prevent on-line fraud, forms for the purposes of updating bank account information and transferring securities are available in the system to download and sign before a certifying officer.
Describe efforts to identify duplication. Why can’t any similar information already available be used or modified for use for the purposes described in item 2 above?
The process will be reviewed annually to identify duplicate information. Where possible, the collection of the information is done one time for numerous purchases removing the requirement to submit the same data each transaction.
If the collection of information impacts small business or other small entities describe any methods used to minimize burden?
This collection of information does not impact small business or other small entities.
What consequences to Federal program or policy activities and what, if any, technical or legal obstacles to reducing burden will occur if this collection is not conducted or is conducted less frequently?
The TreasuryDirect system is the primary way for an individual to purchase securities directly from the Federal government. The government uses these purchases to help manage the national debt and finance its services.
Is this collection of information conducted in a manner consistent with the guidelines of 5 CFR 1320.6?
The collection of information cannot be conducted less frequently because the collection is initiated for a single purpose.
What effort was made to notify the general public about this collection of information?
The Bureau’s notice was published in the Federal Register on July 24, 2012 Page 43430. No comments were received.
What decision was made to provide any payment or gift to respondents, other than reenumeration of contractors or grantees?
N/A
What assurance of confidentiality was provided to respondents and what was the basis for the assurance in statute, regulations, or agency policy?
In accordance with the Privacy Act of 1974, information furnished by the public will be kept confidential to the extent permitted by law.
What justification is there for questions of a sensitive nature?
There are no questions of a sensitive nature.
What is the estimated hour burden of this collection of information?
Based on an analysis of user interaction with the TreasuryDirect system the typical user took:
An average of six minutes to complete an account establishment transaction; and
An average of two minutes to complete an account update transaction.
These are averages based on the fact that initial transactions require more time than updates to existing information. Based on these findings, the total annual burden hours for the TreasuryDirect system are estimated as follows:
Initial Account Establishment |
||
Description |
Total Transactions |
Total Burden Hours |
Establishing new primary accounts, 6 minutes each |
140,000 |
14,000 |
Establishing new linked accounts, 3 minutes each |
27,000 |
1,350 |
Certifying new primary accounts that failed verification, 5 minutes each |
11,000 |
917 |
Sub-Total |
178,000 |
16,267 |
Account Update Transactions |
||
Sales, 2 minutes each |
1,004,000 |
33,467 |
Redemptions without Customer Service (CS) assistance, 2 minutes each |
517,000 |
17,233 |
Redemptions with CS assistance, 30 minutes each |
27,000 |
13,500 |
Transfers (internal and external), 2 minutes each |
77,000 |
2,567 |
Banking information updates, 2 minutes |
56,000 |
1,867 |
Account updates and other transactions without CS assistance, 2 minutes |
191,000 |
6,367 |
Account updates and other transactions with CS assistance, 30 minutes |
11,000 |
5,500 |
Sub-Total |
1,883,000 |
80,501 |
TOTAL |
||
Initial Account Establishment |
178,000 |
16,267 |
Account Update Transactions |
1,883,000 |
80,501 |
Total estimated annual burden hours: |
2,061,000 |
96,768 |
What is the estimated total annual cost burden to respondents or recordkeepers resulting from this collection of information?
Estimated cost burden to respondents is not available.
What is the annualized cost to the Federal Government?
Projected costs of operation for the TreasuryDirect system are 5.243 million dollars annually. Actual costs for the paperwork burden to the system are not available.
What is the reason for any program changes or adjustments reported in Items 13 or 14 of the OMB Form 83-I?
N/A
For collections of information whose results will be published, outline plans for tabulation and publication.
The results of the collection of this information will not be published for statistical use.
If seeking approval to not display the expiration date for OMB approval of this information collection, what are the reasons that the display would be inappropriate?
N/A
What are the exceptions to the certification statement?
There are no exceptions to the certification statement.
B. This collection does not employ statistical methods.
| File Type | application/msword |
| File Title | SUPPORTING STATEMENT |
| Author | bmetz |
| Last Modified By | basharp |
| File Modified | 2012-10-01 |
| File Created | 2012-10-01 |